Clip Money Rolls Out Cash Deposit Solution at Select BentallGreenOak Retail Properties Across Canada

Rhea-AI Summary

Clip Money (TSXV:CLIP, OTCQB:CLPMF) has partnered with BentallGreenOak to enhance cash deposit solutions for retail properties in Canada. The agreement introduces ClipDrops, self-service deposit boxes located in various malls, allowing businesses to securely deposit cash at their convenience. Initially set up in six locations, this initiative aims to reduce costs and improve cash flow for small to mid-sized businesses. Clip's technology enables efficient banking operations through the ClipApp, providing analytics and next-day credit for deposits, ultimately saving businesses time and money.

Positive

• Introduction of ClipDrops in six prominent retail locations.
• Partnership with BentallGreenOak enhances market reach.
• Clip technology allows next-day credit for deposits, improving cash flow.

Negative

• None.

BOSTON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Clip Money, Inc. (“Clip”) (TSXV:CLIP)(OTCQB:CLPMF), a first-to-market cash deposit solution that brings convenient, cost-effective financial services to business customers, announced a partnership agreement with BentallGreenOak (BGO) for select retail properties in Canada.

As part of the agreement, Clip Money has set up a network of ClipDrops, which are free-standing, secure, self-service boxes located in malls and at large retailers where business customers can quickly and safely deposit cash revenue. ClipDrops are currently located at Canadian mall locations within BGO-managed properties including:

• The Tenor (10 Dundas), Toronto, Ontario
• The Pen Centre, St. Catharines, Ontario
• White Oaks Mall, London, Ontario
• Village Green, St. Vernon, British Columbia
• Eglinton Square, Scarborough, Ontario
• Scottsdale Centre, Delta, British Columbia

“We are pleased to partner with BGO and offer their valued retail tenants the opportunity to save time and money with our technology-driven banking solutions,” said Joseph Arrage, Clip founder and CEO. “Cash deposits don't have to be expensive and inconvenient for small and mid-sized businesses. At Clip, we're lowering costs, expanding access, and simplifying banking for retail clients all across Canada.”

The Clip solution is bank-agnostic, so businesses can make their everyday deposits to existing bank accounts in more convenient, accessible locations via a ClipDrop. Deposits can be made any time during extended retail hours by designated business employees. Clip customers are provided powerful technology through the ClipApp to manage their cash, assign employees to perform banking transactions, track transaction history, collect analytics, and manage personnel. Customers also receive next business day credit for their deposits which improves cash flow. Existing customers have reported saving hundreds of dollars per month per store in staff costs related to the time it takes to travel and deposit at a bank, a savings which retailers admit is welcomed given current staffing and resource challenges that they are facing.

Arrage continued: “Partnering with a distinguished group like BentallGreenOak marks an important step as we continue to strategically expand the Clip network to a larger base of North American businesses. As such, we have the ability to enable retailers to get cash into their accounts faster and save employees time by eliminating the journey to a traditional bank branch.”

To learn more, please visit www.clipmoney.com, and for a full list of locations, visit https://clipmoney.com/locations

ABOUT CLIP

Clip Money, Inc. (TSXV:CLIP)(OTCQB:CLPMF) is an infrastructure enabled Fintech that provides the fastest and easiest way for businesses to make deposits securely to their current business bank account through a national network of smart drop box locations in malls, big box stores, and grocery chains. Clip Money, Inc. improves the business deposit experience through transformational digital and mobile enabled platform services.

For further information, please contact:

Joseph Arrage
Chief Executive Officer
IR@clipmoney.com
tel: 844-593-2547

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69c97d4c-4947-44c2-93e7-919df4d9f2fc

FAQ

What is Clip Money's new partnership focused on?

Clip Money's new partnership with BentallGreenOak focuses on providing convenient cash deposit solutions through self-service ClipDrops in select Canadian retail properties.

How many ClipDrops are currently set up in partnership with BentallGreenOak?

Currently, there are six ClipDrops set up in partnership with BentallGreenOak across various retail locations in Canada.

What benefits do ClipDrops offer to businesses?

ClipDrops help businesses save time and money by allowing secure and convenient cash deposits without the need to travel to traditional bank locations.

How does Clip Money's technology improve cash management for businesses?

Clip Money's technology, accessed through the ClipApp, provides businesses with tools for managing cash deposits, tracking transactions, and receiving next-day credit.

What is the stock symbol for Clip Money?

The stock symbol for Clip Money is CLPMF on the OTCQB and CLIP on the TSXV.